Home | Business News | Browse by Publication | M | M2 Presswire

IBI second quarter report to shareholders. Page 1 of 2.

Article Excerpt
M2 PRESSWIRE-31 August 2004-IBI Corp.: IBI second quarter report to shareholders. Page 1 of 2.(C)1994-2004 M2 COMMUNICATIONS LTD

RDATE:08312004

Port Perry, Ontario CANADA, /FSC/ - IBI Corp. (IBI - TSX Venture), (the "Company"), a junior international mining and investment company, has filed its second quarter financial statements and management discussion and analysis as at June 30, 2004.

The financial statements are posted on SEDAR at www.sedar.com . The following summary provides a comprehensive understanding of the status and operating results for the Company.

This quarter reflects a 93% increase in revenue over the preceding quarter, and the first quarter to earn an operating profit at the mine level. The Company forecasts revenue for the third quarter to be at least 50% over the current quarter.

MANAGEMENT DISCUSSION AND ANALYSIS June 30, 2004

August 30, 2004 - The following discussion and analysis of financial status and results is provided by the management of IBI Corporation and should be read in conjunction with the unaudited interim consolidated financial statements for the six months ended June 30, 2004. Effective with the 2004 fiscal year, the Company is subject to compliance with National Instrument 51-102 requiring shorter reporting periods and enhanced disclosure for annual and interim financial statements and management's discussion and analysis of status and results ("MD&A"). Reference should also be made to the March 31, 2004 interim MD&A for constant items which are not repeated herein.

All references herein are in Canadian dollars, unless otherwise specified.

Business of the company...

IBI Corporation (the "Company") is an investment company with an international scope and focus. The Company is a reporting issuer in Ontario, British Columbia and Alberta, Canada and trades on Tier 2 of the TSX Venture Exchange under the symbol "IBI".

The Company's mission is to combine technology and capital to develop international resources.

In 1999, concurrent with a change of management, it was decided to focus effort and financial resources on the Namekara vermiculite project in Uganda.

Namekara, one segment of the Bukusu property, appeared to have a world-class potential that could be developed quickly and at a relatively low cost.

Vermiculite, as an industrial mineral, would lead to early generation of sales and stable cash flow, in a global marketplace.

The Company had been in the development stage with its Namekara vermiculite project in Uganda until December 31, 2002. Concurrent with the completion of production-scale facilities and equipment and the signing of significant long-term sales contracts and distribution agreements, the Company started commercial operations as of January 1, 2003. Accordingly, going forward, revenues will be earned and the operating costs will...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!